Bibliometric Analysis to Assess the Relationship Between Foreign Direct Investment, Environmental Emissions, and Green Economy

doi:10.21203/rs.3.rs-1986614/v1

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Bibliometric Analysis to Assess the Relationship Between Foreign Direct Investment, Environmental Emissions, and Green Economy

https://doi.org/10.21203/rs.3.rs-1986614/v1

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The green economy is an unavoidable shift in economic structures toward sustainability. Foreign direct investment drives the economic growth of a nation. However, the process of foreign direct investment always includes unintended repercussions, such as environmental pollution. This topic is the subject of several hypotheses, including the polluted aura and polluted paradise hypotheses. The author investigated the association between FDI, environmental emissions, and Green economy using a bibliometric analysis approach and two softwares, VOS viewer and Citespaces. The author conducted literature synthesis study by keyword search, analysis of keyword patterns over time, and analysis of co-citation networks to determine the development of research on foreign direct investment and how to establish a green economic model. The findings demonstrate a connection between foreign direct investment, environmental emissions, and the green economy. The purpose of this paper is to determine the relationship between foreign direct investment (FDI) and sustainable development; to propose solutions to restructure the economy from a brown economy to a green economy; to make rational use of FDI sources; and to provide researchers in this field with a framework for focusing future research on the relationship between FDI and sustainable development.

Foreign direct investment

green economy

environmental emissions

VOSViewer

Citespaces

Foreign direct investment (FDI) plays a vital role in all nations, particularly emerging nations, to the extent that it is regarded the engine of economic growth and development (Kardos, 2014). FDI inflows may drive economic development by raising equity capital, generating new employment possibilities, and facilitating knowledge transfer (De Gregorio, 2005). On the other side, a country's fast GDP development generates new investment possibilities that result in more FDI inflows (Mah, 2010).

Extensive research confirms a clear correlation between foreign direct investment and economic growth (Cicea & Marinescu, 2021). In developing countries, however, in addition to the positive effects of traditional economic growth through FDI, there are numerous environmental consequences, such as the degradation of the world's habitat, and nature is under the combined pressure of human population growth and rising per capita wealth (Tukker & Butter, 2007). In addition, the relatively quick urbanization process has had substantial consequences on the environment and natural resources, as well as the ecological equilibrium. Increasing demand for water in daily life, services, and manufacturing has damaged water supplies. In addition, globalization's "brain shift" has "polluted" the opportunity for "migration" from developed nations to developing countries through FDI channels, since environmental standards and regulations in emerging economies are more lax ((Wang & Chen, 2014)). (Cole & Elliott, 2005).

To "alleviate" the "pain" caused by the urbanization process during the transition to the "new age," however, a green economic model is necessary. Additionally, investment attraction in general and FDI in particular must assist to rebuild the economy according to a new growth model. Consequently, a green economy was created as a precondition for sustainable growth.

In actuality, the phrases 'green economy' and 'green growth' are often used interchangeably, despite the fact that green growth happens at the operational or process level, while a green economy occurs at the macro or strategic level (ICC, 2012). Global economies have grown acquainted with the notion of Green Economy. It is an economy that seeks to enhance people's lives and social capital while also lowering environmental risks and resource shortages (Green Economy Coalition, 2012).

Consequently, FDI is seen as having a significant impact on the economic growth of any nation and as a crucial source of capital for sustainable development (Kardos, 2014). However, FDI also has environmental repercussions (Zhu et al., 2016). A green economy, however, is an economic model for sustainable development that serves the demands of economic growth while addressing environmental concerns.

Therefore, the purpose of this paper's study is to give empirical evidence for evaluating the connection between foreign direct investment, environmental emissions, and the green economy. Especially in light of the present COVID-19 epidemic, the elucidation of this study's objective would pave the way for a new path of growth in the research process in order to construct a sustainably developed economy. When the COVID-19 pandemic arises, the disaster will inevitably be widespread. Consequently, preventing the spread of the illness, mitigating its effects, and recovering from the economic crisis are governments' top objectives. It is also a chance for nations to reevaluate their economic growth strategies, increase public awareness of the grave challenges presented by environmental and health crises, and capitalize on the changes brought about by the pandemic.

This study uses bibliometric analysis to mine information from Web of Science (WoS) data sources utilizing VosViewer (Marinescu et al., 2019; Cicea, 2020) and CiteSpace (Moral Muoz et al., 2020) to examine the database sources.

The study consists of five major sections; the first section will outline the research topic and state the study's primary objective. This part examines the literature to identify gaps in past research. After using tools such as VOSviewer and CiteSpaces in part 3, part 4 will examine and analyze the production of results. The research will conclude with a discussion of policy implications and study limitations based on its findings.

For many years, the relationship between FDI inflows and economic development has been intensively examined (causal). Through its connection with human capital, FDI influences economic development both directly and indirectly (Li & Liu, 2005; Borensztein et al., 1998)). Therefore, using FDI inflows will provide several chances to boost economic development and enhance human resource quality (Simionescu & Naroș, 2019). People are increasingly worried about the quality of their living environment, particularly in light of the threat of global warming and the consequences of climate change, which the world is now confronting (Tang & Tan, 2015).

Nonetheless, a key problem with FDI nowadays is the potential environmental effects (Pao & Tsai, 2011) - pursuing the "brown economy" with the premise of economic growth before pollution management has severely deteriorated the environment of nations. China is the nation with the clearest correlation between FDI and emissions (Demena & Afesorgborb, 2020). 17 of the world's 25 most polluted cities are located in China (Cole et al., 2011). According to the World Health Organization, more than one million Chinese die annually from air pollution, and several of the country's largest cities are frequently named among the most polluted in the world (WHO, 2016). Moreover, in 2013, China's Ministry of Environmental Protection acknowledged that 16.1% of the land area (equal to 1.5 million km2) and 19.4% of the country's agricultural land was seriously polluted with heavy metals (FAO & ITPS, 2015). A third of China's rivers and sixty percent of its groundwater are severely contaminated (Han et al., 2016). These are the harsh repercussions of the brown economy and a lesson that many nations do not want to repeat. This analysis is completely compatible with the polluted paradise hypothesis (PHH).

Nevertheless, every connection has a dual aspect. In addition to having negative consequences, FDI also contributes to environmental improvement. According to Al-mulali and Tang (2013), FDI will decrease pollution by bringing environmentally beneficial technology from developed to less developed nations. The diffusion of technology between multinational firms and domestic corporations will encourage domestic corporations to engage in research and development, therefore boosting their market competitiveness. This viewpoint exemplifies the pollution aura hypothesis.

The vestiges of the development process under the "brown economy" cannot be denied from any angle. However, without reform, nations would be forced to exchange the majority of economic growth advantages for environmental and social costs, preventing them from achieving sustainable development. This development is also a response to the changes in the global economy in the new era, in which the technology component, rather than the labor cost, determines the product price. In addition, climate change and worldwide efforts to decrease greenhouse gas emissions provide pressures and obligations to shift economic growth toward low carbon and improve resilience to climate change's effects.

Researchers have shifted their focus from economic growth and economic development to green growth and sustainable development in tandem with the market shift (Kardos, 2014). However, when synthesizing papers relevant to the research challenge, the authors found that relatively few studies clearly demonstrated the change in study focus from conventional FDI and economic development to environmental problems over time. Only the research by Cicea and Marinescu (2021) presented this issue via keyword shifting using the bibliometric technique. In particular, Fig. 1

It is a fact that, when synthesizing research materials, the author finds that there are very few empirical studies that evaluate the relationship between FDI, environmental emissions and the green economy. In addition, there has not been a single study using the bibliometric method to evaluate research literature on this issue. Therefore, this study attempts to present a literature review unambiguously on the relationship between foreign direct investment, environmental emissions, and green economy to confirm the existence or not of this relationship.

3.1 Identify the scientific resource

The collecting of relevant publications on accessibility is a vital and delicate phase since it might have a significant impact on the analysis's findings (Peris et al., 2018). Scopus (provider: Elsevier) and Web of Science are the two scientific databases that exceed the rest (in terms of volume of articles, coverage, and reputation) on a global scale (provider - Clarivare Analytics). To eliminate error-causing cross-duplication while assessing scientific publications, the author evaluates exclusively Web of Science.

3.2 Determine the objective for the analysis process

Using the Web of Science database's powerful search engine, the author identifies items for the analysis process.

The author utilizes the keywords "Foreign Direct Investment" or "FDI" and "Green economy," "green growth," and "environmental emissions" in the research subject (TS= (Foreign Direct Investment) OR (FDI) AND (TS= (Green economy) OR (green growth) OR (environmental emissions)), resulting in 1395 studies.

After creating the initial database, the authors filter the results (e.g., only examine field-specific documents such as articles, conference papers, reviews, books, and book chapters) until there are 1334 results remaining.

3.3 Data analysis and synthesis

On the basis of the created database, Web of Science tools were used to conduct an analysis. The study takes into account a number of factors - types and distribution, temporal dimensions, geographical dimensions, and research movement patterns - that are of importance to researchers within a certain time period. The author then uses the program VOSViewer to map the text data. Twenty is the minimum number of repetitions for a word. The author then examines phrases on the visual map based on their cluster, size, number of linkages, and link strength.

The author applies Citespace to the WoS-filtered results with certain tweaks, including "Look back year" = -1, "Time Slicing" from 1/1995 to 12/2021, and g-index with k = 15. In addition, the author examines potential sources such as Title, Abstract, Author Keywords, and Keyword Plus while using the Term source. Choosing the node kinds will provide each relevant result that assists the author in answering queries on the co-citation network's current references, journals, authors, academics, and countries, and research trends through keywords.

4.1 Overview regarding the category and distribution of scientific literature

Preliminary Web of science search results produced 1,395 scientific bibliographies. Following the refinement process, there were 1 334 documents relevant to the article's objective. In particular, 1334 scientific papers span 107 research fields. "environmental science" led the list with an astonishing 54.048% (721 documents), followed by "green sustainable scientific technology" (22.289%), "economics" (20.54%), and "environmental studies" (16.79%). (224 documents). Energy Fuels is a highly promising research group, with 141 papers representing 10.57 percent. The following study topics contain little scientific literature and are unrelated to the author's research objectives. The information is provided in Table 1.

Table 1: Web of Science Categories with the fields has over ten documents.

Web of Science Categories	Record Count	% of 1,334
Environmental Sciences	721	54,048
Green Sustainable Science Technology	284	21,289
Economics	274	20,54
Environmental Studies	224	16,792
Energy Fuels	141	10,57
Engineering Environmental	132	9,895
Business	44	3,298
Management	37	2,774
Regional Urban Planning	34	2,549
Development Studies	30	2,249
Thermodynamics	30	2,249
Public Environmental Occupational Health	25	1,874
Business Finance	24	1,799
Multidisciplinary Sciences	17	1,274
Ecology	15	1,124
Public Administration	15	1,124
Social Sciences Interdisciplinary	15	1,124
Geosciences Multidisciplinary	11	0,825

Source: Author’s analyze based on WOS

According to Table 1, the study material spans a number of topics. However, the scope and depth of research in many topics varies substantially. For instance, environmental science accounts for the majority of research, followed by economic groupings such as "business" and "management" at 3% and 2%, respectively.

For a more comprehensive study of publishers, journals, and conference proceedings, Table 2 provides a fuller picture of the most prolific publishers.

It is evident that Elsevier and Springer Nature dominate the rankings, since each have more than 400 publications, which is four times as many as MDPI, the third-placed publisher. It is evident that Western European periodicals are particularly concerned with environmental concerns. (Elsevier, Netherlands; Springer Nature, German-British; MDPI, Switzerland).

4.2 The geographical dimensions

If many writers are from different nations, the national wealth of an article relies on the complete address of the first author. (Shi, Blainey, Sun, & Jing, 2020). As demonstrated in Table 2, China ranks first in the area of accessibility research, with 704 studies accounting for 52.774%, compared to big industrialized nations such as the United States with 103 studies on FDI and components of green economy or Korea with 1,874% and 25 studies. Thus, the majority of nations have contributed to this study subject; nevertheless, the depth of the problem that has attracted the attention of researchers varies on the real circumstances of each country.

Table 2: Research contribution by country

Countries/Regions	Record Count	% of 1,334
China	704	52,774
Pakistan	191	14,318
Turkey	159	11,919
Usa	103	7,721
Malaysia	74	5,547
India	63	4,723
England	60	4,498
Saudi Arabia	55	4,123
Vietnam	49	3,673
France	40	2,999
Australia	38	2,849
Nigeria	37	2,774
Tunisia	31	2,324
Ghana	30	2,249
Germany	29	2,174
South Korea	25	1,874
Spain	25	1,874
Bangladesh	21	1,574
Canada	21	1,574
Japan	21	1,574
Taiwan	20	1,499

Source: Author’s analyze base on WOS

4.3 Temporal distribution

Statistics on the distribution of the number of studies over time are the most straightforward method for determining the historical pattern of research within a certain time period. In this research, based on chart 1, the first studies appeared in 1995; for the subsequent 16 years, the number of yearly studies continued to exist but never surpassed 10.

In the past, when the phrase "fourth industrial revolution" was first used in Germany, the global community started to focus on environmental sustainability. This time may be considered the "infancy" of research, since the number of publications published has increased significantly from seven in 2011 to twenty-two in 2014. After the World Economic Forum announced the opening of the fourth industrial revolution center in San Francisco and the publication of the same book in 2016 (Schwab, 2016) have piqued the interest of researchers, a decade of explosive research has begun, with the number of publications reaching a peak of 374 in 2021. In addition, as the need for capital investment rises, the pressure of the global market necessitates that nations strengthen their competitive position while addressing environmental issues to progress toward "green FDI" and "green economy."

4.4. Co-citation analysis results

4.4.1. Cluster analysis

Understanding research trends requires a careful examination of the information that keywords might provide. However, dispersed and fragmented keywords make it difficult to define the aim and organization of the study. Cluster analysis summarizes possible and overlapping semantic subjects via the mathematical and statistical processing of text input (Hossain, Prybutok, & Evangelopoulos, 2011). In addition, via the use of multidimensional cluster analysis to study merging ideas with strong internal linkages, each cluster generated will reveal the popularity and extent of the research topic. The clusters in Figure 3 are numbered in descending order of cluster size, so FDI and CO2 emissions are the primary clusters rather than FDI and economic growth. In addition, clusters are named automatically according to CiteSpace's default computation (Zhang X., 2011).

Cluster 0,3,8,10: Whether or not FDI hurts the environment depends significantly on the environmental regulations of that country, the economic development status, and the government of the host country. Because the more open economies, the looser environmental regulations are adopted (Demena & Afesorgborb, 2020). Besides, the digital life with the popularity of e-commerce has led to the explosion of online shopping, causing a significant increase in emissions (Liang et al., 2021). Therefore, the government needs to enact environmentally friendly policies to raise environmental awareness, and stricter environmental regulations can make the economy shift towards less polluting technology (Panayotou, 1993)

Cluster 1, 6: If a country has no environmental regulations or low environmental standards, there will be consequences of polluting emissions such as carbon productivity, chemical oxygen demand in industry, sulfur dioxide and nitrous oxide in the industrial exhaust, industrial carbon black and dust (Wang et al., 2020).

Cluster 2.7: when FDI becomes one of the main drivers of economic growth and trade protectionism increases globally, FDI becomes an avenue for companies to enter markets protected by means of manufacturing directly in those countries. However, increasing competitive pressure and increasing costs of pollution reduction in developed countries and strict environmental regulations in developed countries resulting in companies being forced to adopt cost-effective production techniques that can harm countries with lower economies and more lax regulation.

Cluster 4.9: spatial effect, goal programming: spatial dependence significantly affects the location selection decision of FDI. The spatial dependence between locations can be based on economic or administrative distance (Blanc-Brude, Cookson, Piesse, & Strange, 2014). In addition, an indispensable part of addressing the needs of stakeholders in the process of capital investment from abroad to host countries is to establish a multi-objective support model. As a result, stakeholder priorities are integrated into consensus-based decision-making and trade-offs (Salem et al., 2020).

Cluster 5: technology innovation: FDI brings income and employment benefits to the host country and promotes domestic companies to innovate in technology (Loukil, 2016). In the past few years, when the environmental issue brought on by FDI has become hotter, several companies have transferred green technology, making positive changes to the domestic industrial environment.

4.4.2 Evolution of keywords

For each study, keywords convey the study's material, draw the attention of researchers, and identify study patterns (Zhang X., 2011). As demonstrated in Table 3, the author utilizes CiteSpaces to identify the top 20 terms with the most citations over time.

The author established a timeline from 1995 to 2021, extracting the most-cited keywords and the top 20 most-extracted keywords through 2019. Table 3 demonstrates that the extracted keywords skyrocketed. For example, the term "trade" was the most explosive from 2002 to 2016 with an explosive strength of 8.43; this indicates that scientists are now interested in commerce. Once commercial development reached a certain level, "environmental control" became apparent, with 6.29-year-long extracts. During 2012-2015, research on FDI and FDI gained popularity, with the extracted number reaching 5.4. There is an interchange between open economies; the term "international commerce" with an extract of 5.88 lasted four years, from 2015 to 2019. Prior to this point, when the transfer of FDI from one nation to another has had negative environmental effects, "energy clean" requires immediate investment and attention. Even if the quantity taken is rather low in comparison to the top twenty figures, it can be noted that the exciting trend of scientists is towards the environment in order to create sustainable growth.

4.4.3 Analysis of co-author networks in academia and countries

The network of academic and international co-authors describes the links between various academic locations (Zhao et al., 2017). In Figure 5, the co-authoring network across nations reveals that China made the most significant intellectual contributions, followed by the United States, Turkey, Pakistan, and Malaysia. Moreover, comparing Figure 5 to Figure 4, the majority of the most prestigious institutes and universities, including Beijing Institute of Technology, Jiangsu University, Nanjing University, Southwestern University Finance & Economics, Istanbul Gelisim University, and University Wah, originated in these nations. These findings indicate that nations with a highly competitive market position and robust economies, such as the United States and China, give greater attention to foreign direct investment, economic development, and environmental challenges. Not only does Pakistan have a close partnership with China, but it also has significant foreign investments in other sectors, including telecommunications, real estate, and energy (Degong et al., 2020). Therefore, it is no longer contentious for a rapidly developing nation like Pakistan to pay attention to FDI and sustainable economic growth challenges. In another respect, the growth of the Free E-Commerce Agreement (FTA) has allowed Malaysia and Turkey to develop significant ties. Consequently, the strategic vision is no longer restricted to the primary investment objective, but now encompasses environmental challenges and sustainable development, particularly in the context of severe pollution and emissions in Malaysia and Turkey (Hitam & Borhan, 2012); (Kizilkaya, 2017).

4.4.4 Reference co-citation analyses

Co-reference analysis networks are often used to investigate the structure and development of a topic by describing the context of co-cited references (Leydesdorff, 2005). Figure 8 illustrates a co-citation network with 897 nodes and 4052 linkages, based on 940 genuine texts picked between 1995 and 2021. When observed in the first network map, the network's structure is broad and the connections between citations are composed of distinct components. However, when focused on the core portion, the map reveals the citation density of the references over time. Each concentric circle in Figure 9 represents a research; the wider the circle, the greater the number of citations; the circle's color indicates the number of years referenced. Thus, red will represent the number of most recent citation years, and the research with the longest citation years and the most citations will be represented by the broader circle with more citation rings. Notable references include Zhang & Zhou (2016), Zhu et al. (2016), and Tang & Tan (2016). (2015). Among these, the work by Zhang and Zhou (2016) with findings confirming the aura pollution concept and several citations stands out.

Citation analysis is applied to detect landmark articles with high citation growth (Chen, Dubin, & Kim, 2014). High-cited articles in a certain period will indicate a turning point in changing research thinking or research trends of researchers.

In Table 4, it is evident that Lau et al(2014) .'s research has the highest extraction index from 2015-2019, with a value of 23.63. During this time period, it can be argued that the scientific community paid close attention to and valued Lau et alstudy .'s contribution (2014). Combining FDI and commerce, Lau et al. (2014) investigated the environmental Kuznets curve hypothesis. In the same way that FDI and trade have direct effects on CO2 emissions and economic development, the research revealed that FDI contributes to greater growth and environmental deterioration. In addition, the research suggests that recruiting FDI that is focused on technology is crucial for reducing environmental waste. Shahbaz M. et al(2015) .'s popularity increased from 2018 to 2021. This research explores the nonlinear connection between foreign direct investment and environmental deterioration. The research also verified the polluted paradise hypothesis (PHH) and found a two-way causal relationship between CO2 and FDI emissions. Taking two papers with a large number of citations from two different time periods, the study substance of interest remains FDI and environmental concerns. This subject will become a new trend in the future, when it is no longer a country-specific issue but a worldwide one.

4.4.5 Journal co-citation

Research co-citation journals to find the journal with the highest citation index for the period 1995 to 2021. Table 5 shows the 25 journals with the highest citations.

The number of journal citations is proportional to the journal's influence on researchers. Most of these journals have in-depth research on economics and environmental economics; these journals receive most citations from 2002, and the majority ending in 2017, which illustrates that data-related publications have attracted increasing attention from the science community. Moreover, from 2015 to 2021, research data is no longer focused on specialized journals but has interest from journals in other fields such as European Journals Politics or Empirical Tests Policy. Thus, the research problem is no longer the investment and focus of a particular discipline, but it is also a common problem for other industries.

5.1. Findings

After combining research papers and acquiring 1334 authentic documents, the author discovers that there are few evaluations on this issue that emphasize certain viewpoints. In addition, none of them provide a quantitative and thorough summary of papers linked to accessibility. In order to address this void, this study analyzed almost three decades of publications (between 1992 and 2021) culled from WoS; and seeks to identify the evolutionary route of accessibility-related research so that it may inform future research orientations. Moreover, by utilizing bibliographic analysis, this study offers the potential to track historical and geographical trends on a global scale, including leading journals and organizations, keyword feature, citation network analysis; and evaluated three studies by three authors with explosive citations to establish the connection between FDI, environmental emissions, and the Green Economy.

After reviewing the relevant literature, we may infer that there is a connection between FDI, environmental emissions, and the Green Economy. This relationship is shown by analyzing the scientific community's research through time; once the fourth industrial revolution was recognized with environmental sustainability as one of the criteria for sustainable development, the number of studies published after 2016 grew considerably. In addition, using geographic scale analysis and national and academic citation network analysis, the author identifies nations with a large amount of citations and study on this topic, such as China and the United States, as having fast growth and substantial environmental effects. Keyword Phrase Analysis aids writers in localizing and concentrating on highly referenced phrases, the most prevalent groupings of search keywords. Evidently, FDI, the spectrum of CO2 emissions, environmental restrictions, etc. intersect, illustrating the link between FDI and economic and environmental concerns of nations. The findings of the most recent keyword trend research highlight the importance of focusing on "energy clean." Instead of adhering to the brown economic model, businesses spend heavily and disregard environmental issues as in the past. Today, the world is undergoing its fourth technology revolution, which requires green fuel from green FDI to drive green development, an unavoidable trend to guarantee the quality of life (Hitam & Borhan, 2012) and the transition to a totally new alternative economic model, the Green Economy. In addition, this link is proved by analyzing the peer-reviewed co-citation network and the journal co-citation network in order to identify highly cited, long-lasting works and the trend of researcher interest. This issue focuses not just on environmental and economic publications, but also on journals of empirical assessment. Specifically, the author has chosen three high-quality papers that include an astounding number of extracts: First, Lau LS et al. (2014) reinforced the reciprocal link between FDI economic development and environmental emissions and indicated that technology plays a significant role in attracting FDI. Second, Shahbaz M et al. (2015) prove the pollution paradise theory, and Zhang & Zhou (2016) corroborate the "pollution halo" concept through their study.

5.2. Proposal

This study aimed to confirm the link between FDI, environmental emissions, and green economy and the threats to green economic growth provided by global challenges. The author advises noting the following in order to properly execute the roadmap for establishing and expanding a green economy in the near future:

First, engage in propaganda and education orientation to assist in shifting society's view from "brown economy" to "green economy"; producing a high level of consensus among society's leaders, people, and companies, so altering the idea and perception of the green economy. Contribute to a heightened awareness of environmental conservation and natural resource protection, with a focus on production and consumption activities and economic growth in general.

Second, provide the right policy and legal frameworks to enable green economic growth. Policy frameworks include financial measures and national policy changes, as well as international collaboration via trade, assistance, and market growth. A correctly constructed green economic legal framework may define rights and generate a driving force for green economic activities, as well as remove impediments to green investments and regulate harmful unsustainable behaviors by establishing minimum standards or outright prohibiting particular activity.

Third, increase investment in science and technology development, with a particular focus on promoting research and research cooperation with international partners in industries that serve green economic development, such as the use of renewable energy, production technology that conserves resources, and energy-efficient production.

Fourth, it is vital to analyze the influence of space and objective programming in order to devise a plan to restrict the limited problems posed by the investor and the investee in order to develop a positive connection by transforming obstacles into opportunities.

Fifth, expand international collaboration on problems of technology transfer, reaction to climate change, environmental protection, and natural resources, while learning from the pioneering nations' successful transition and building of a green economy. A plan of action is then devised based on the country's unique economic features and circumstances of growth.

5.3. Research limitations

This is a bibliographical study, hence this research methodology has certain limits.

First, the findings of bibliometric analysis and projecting research trends or identifying research gaps might be devalued by bibliometric analysis, despite the fact that it is based on high-quality database sources. However, there are still more alternative data sources that may include several papers not used in the research. In this analysis, the author used WOS rather than Scopus, GS, MA, or Dimensions...

Second, citation analyses might be skewed in favor of a claim's effect. Since citation is a complicated process and there is no independent monitoring system, a published issue may be referenced in an inactive state or while under review, but the citation count is still calculated.

Thirdly, the author clarifies the link between FDI and the green economy by citing three highly cited research. However, these three empirical research were conducted in three distinct nations. Consequently, if the study techniques of these three studies are used in other nations, the outcomes will vary.

Funding

This study was conducted solely with the author's personal finances, without sponsorship.

Author contributions

In this study, Ms. Nguyen Thi Hoai Trinh was responsible for all aspects of research, including conception, first form of the draft, and final version.

Disclosure statement

The authors declare that they have not any competing financial, professional or personal interests from other parties

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Table 3-5 are available in the Supplemental Files section.

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Bibliometric Analysis to Assess the Relationship Between Foreign Direct Investment, Environmental Emissions, and Green Economy

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I. Introduction

Ii. Literature Review

Iii. Methodology

Iv. Results And Discussion

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